Olukayode urges media to deepen public understanding of oil sector reforms
Dr Akinrolabu Olukayode, Chairman, Eko Consultative Forum, has called on the media to provide factual and balanced information on Nigeria’s economic and petroleum sector reforms to enable citizens make informed decisions.
Olukayode made the call in a presentation on governance, politics and the Petroleum Industry Act (PIA), dated Sept. 23, 2026.
He said governance was primarily concerned with the administration and use of power, while politics dealt with the acquisition, negotiation, retention and transfer of power.
According to him, the two concepts have different principles and should not be treated as the same.
Olukayode traced Nigeria’s economic history from its largely agrarian base before the commercial discovery of crude oil at Oloibiri in 1956 to the period when petroleum became the country’s dominant foreign exchange earner.
He attributed Nigeria’s economic difficulties over the years to a combination of factors, including what he described as misplaced priorities, corruption, maladministration, weak planning, waste and excessive dependence on crude oil.
He said the country’s experience showed the need for sustained economic reforms, diversification and stronger institutions.
PIA and oil sector reforms
Olukayode said the Petroleum Industry Act, enacted in 2021, had changed the institutional structure of the petroleum industry by separating regulatory and commercial functions.
He said the previous structure, in which the Nigerian National Petroleum Corporation (NNPC) combined several commercial, regulatory and revenue-related functions, created what he described as an unhealthy concentration of responsibilities.
Under the new framework, he noted that the Nigerian Upstream Petroleum Regulatory Commission (NUPRC) regulates upstream activities, while the Nigerian Midstream and Downstream Petroleum Regulatory Authority (NMDPRA) oversees the midstream and downstream segments.
He also cited the role of the Nigeria Extractive Industries Transparency Initiative (NEITI) in promoting transparency through reporting and auditing of payments and revenues in the extractive sector.
Official data show that Nigeria’s crude oil production reached 1.50 million barrels per day in August 2026, while combined crude oil and condensate production stood at 1.68 million barrels per day. NUPRC said the country met its 1.5 million barrels per day OPEC quota for the fourth consecutive month.
Olukayode said the improvement in production should be supported by continued investment, better asset management, security of oil infrastructure and effective implementation of the PIA.
NUPRC has also reported improved domestic crude supply to local refineries, recording an overall 97.4 per cent performance under the Domestic Crude Supply Obligation in the second quarter of 2026.
Local refining and energy security
Olukayode identified increased domestic refining as an important development in reducing Nigeria’s dependence on imported petroleum products.
He cited the Dangote Refinery and other emerging refining capacity as part of the changes taking place in the downstream petroleum sector.
NNPC Ltd said in February 2026 that the Dangote Refinery has a nameplate capacity of 650,000 barrels per day and described the facility as a major addition to Nigeria’s domestic refining capacity.
Olukayode said the long-term objective should be to strengthen domestic refining, expand gas utilisation and develop petrochemical, fertiliser and other industries around Nigeria’s energy resources.
He also noted that Nigeria still faced significant challenges, including poverty, inequality, unemployment, infrastructure deficits and the social impact of economic reforms.
Media must remain a watchdog
Olukayode urged journalists to avoid reporting unverified claims, particularly on fuel subsidy, petroleum pricing and government revenue.
He said the media should not become “political megaphones”, but should serve as a “policy mirror and watchdog”.
He outlined five areas he said should receive greater attention from the media:
1. Education and simplification: Explain complex provisions of the PIA and their implications for citizens, including fuel prices, employment and Federation Account allocations.
2. Data-driven reporting: Regularly track crude production, refinery output, domestic crude supply, government revenue and investment in the petroleum sector.
3. Accountability: Scrutinise the implementation of the Domestic Crude Supply Obligation, Host Community Development Trusts and the commercial performance of NNPC Ltd.
4. Fact-checking: Investigate claims relating to subsidies, petroleum revenues and economic reforms before publication.
5. Sector development: Report developments in local refining, gas utilisation, infrastructure and investment while also highlighting challenges and areas requiring improvement.
Olukayode said the media had a responsibility to give Nigerians sufficient factual information to understand the implications of economic policies rather than relying on political narratives.
The National Bureau of Statistics (NBS) currently reports that the non-oil sector accounted for 96.08 per cent of Nigeria’s real GDP in the first quarter of 2026, underscoring the importance of looking beyond crude oil when assessing the economy.
Recovery will take time, says Olukayode
The chairman said economic transformation was a long-term process and cited China, Rwanda, Mauritius, Morocco, Botswana, Malaysia, Indonesia and the Asian Tigers as examples of countries that undertook reforms over several decades.
He argued that Nigerians should therefore not expect structural economic transformation to occur within a short period.
According to him, reforms may also produce short-term pressures, including rising inequality, higher living costs, migration, unemployment and other social challenges.
He said these effects should be recognised and addressed through appropriate social and economic policies.
2027 and public information
Olukayode also discussed the role of information in shaping citizens’ decisions ahead of the 2027 general elections.
Drawing on the Theory of Reasoned Action developed by Martin Fishbein and Icek Ajzen, he said access to accurate information could influence citizens’ beliefs and intentions.
He said the media should therefore provide balanced information on the PIA, economic policies and their measurable outcomes so that citizens could independently assess competing claims.
He also called for closer scrutiny of government policies and their implementation, regardless of political affiliation.
Future prospects
Olukayode identified energy security, economic diversification, fiscal stability, investment and employment as areas that could benefit from sustained reforms and increased investment in the petroleum sector.
He said Nigeria had the potential to attract significant investment in upstream and midstream projects if regulatory certainty, infrastructure and security were improved.
NUPRC said in August 2026 that 22 major offshore projects were expected between 2026 and 2030, with estimated investment potential of between $30 billion and $50 billion.
Olukayode, however, stressed that the success of the reforms would ultimately depend on implementation, transparency, accountability and consistency in policy.
He urged policymakers, industry operators, civil society and the media to focus on evidence and measurable outcomes in assessing Nigeria’s economic and petroleum-sector reforms.
He said Nigerians should remain patient with long-term reforms while demanding accountability from those responsible for implementing them.
